Turkey’s currency crisis continues to shine the spotlight on emerging market vulnerability.

Interest rate normalization in the United States is fueling a capital flight to the relative safety of the developed world, leaving some emerging markets on precarious economic footing. The stakes are higher in certain countries, particularly those which are running a large current account deficit, are dependent on oil imports, have limited foreign exchange reserves, have large USD-denominated debt burdens, and/or are experiencing high levels of inflation.

Looking beyond Turkey, here are a few emerging markets to keep an eye on:

Argentina

Current Account: USD 9.623 billion deficit (Q1 2018)

Forex Reserves: USD 55 billion (May 2018)

External Debt: USD 253 billion (Q4 2017)